KNC upgrade will happen on or around 12pm PT, August 1, 2022. Read the FAQ!
Good news for KNC holders!
After working closely with Coinbase on a comprehensive review of KyberDAO and KNC (Kyber Network Crystal), Coinbase has announced that they will be listing the new KNC token on Coinbase Retail, Pro, and Prime on 1 Aug 2022, around 12pm PT!
On August 1, 2022, on or around 12 PM PT, Coinbase will be pausing deposits and withdrawals for Kyber Network Crystal (KNC) across https://t.co/Zkd27RUMRo, Coinbase Pro, and Coinbase Exchange due to a required upgrade.
— Coinbase Assets (@CoinbaseAssets) July 27, 2022
FAQ: Coinbase KNC Migration
What is the start and end date of the migration to the new KNC?
- Upgrade currently planned for 1 August, 2022, on or around 12 PM PT. We estimate this upgrade to take about 24 hours.
- Updates will be posted on the Coinbase Status page: http://status.exchange.coinbase.com
Will deposits and withdrawals be disabled for a time period during the migration to the new KNC?
- During this upgrade, deposits and withdrawals for KNC will be paused and any deposits of KNC into Coinbase will result in lost funds. Trading for KNCL is not impacted. We estimate this upgrade to take about 24 hours.
- Do not attempt to deposit old KNCL or new KNC during the upgrade period as it will result in lost funds.
Will users’ old KNCL on Coinbase be automatically converted to new KNC during the migration period?
- Yes. This only applies only to old KNCL currently on Coinbase. After the upgrade, old KNCL won’t be accepted / will be considered an unsupported asset and sending old KNCL to Coinbase will result in a loss of funds.
Will KNCL trading still be active during the migration period?
- Trading for KNCL is not impacted during the migration period, but deposits and withdrawals will be paused.
- Do not attempt to deposit old KNCL or new KNC during the upgrade period as it will result in lost funds.
What will be the ticker of the new KNC on Coinbase?
- It will remain the same — KNC
Will users who sent new KNC to Coinbase earlier be able to retrieve their funds? In all supported jurisdictions?
- Yes. Coinbase users will see the respective balance after the upgrade is done. However, there may be a delay in balance refreshes of approximately 48 hours in some cases.
Will KNC trading be available in all supported jurisdictions?
- Yes.
Once the upgrade is done, who do I approach for help in the event that I cannot retrieve some of the new KNC I sent to my Coinbase account pre-upgrade?
- Please contact coinbase support.
Can users deposit and withdraw new KNC on Coinbase after the migration?
- Once the upgrade is completed, sending and receiving the new KNC tokens (0xdefa4e8a7bcba345f687a2f1456f5edd9ce97202) will be enabled.
Is the old KNCL still accepted for deposit and withdrawals on Coinbase after the migration period? Or will this result in a loss of funds?
- After the upgrade date, sending and receiving old KNCL tokens will NO longer be available. These deposits would not be supported and will be treated as an unsupported digital currency.
- Depositing unsupported assets in your Coinbase account will cause you to permanently lose them.
Will Coinbase Retail, Pro, and Prime also support the new KNC?
- Yes, but only after the upgrade.
Why is this migration required and why did the migration take this long?
- The upgrade is required since the Kyber team proposed a Kyber Network Crystal (KNC) token upgrade and migration to make KNC much more dynamic and flexible with the ability to support more efficient upgrades. Coinbase worked closely with the Kyber team to make sure our security concerns with the new KNC token were addressed, and that Kyber’s proposed enhancements met Coinbase’s technical security requirements such that the new KNC token could be listed
- KIP-19 https://kyber.org/proposal/11 was proposed and approved earlier by KyberDAO to meet Coinbase’s technical security requirements. Governance parameters have been calibrated to enable higher Voting Quorum, higher Vote Differential, and changes to Kyber Ecosystem Delegates — resulting in a more robust KyberDAO!
If I hold old KNCL now on my own wallet (not on Coinbase), how can I migrate to new KNC?
- For users who hold old KNCL (Kyber Network Crystal Legacy) in your own non-custodial wallet, you can easily migrate to the new KNC token on kyber.org by following the instructions here https://blog.kyber.network/knc-token-migration-guide-fda08bfe62c2
- Old KNCL token address: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200
- New KNC token address: 0xdefa4e8a7bcba345f687a2f1456f5edd9ce97202
We would like to thank our awesome community for your kind understanding, patience, and support during this token migration process and getting the new KNC listed on Coinbase.
$KNC will always remain an important part of Kyber Network, KyberSwap, and KyberDAO! Onwards and upwards!
